Read the press releases carefully.
It's BUTUAN's turn to have an SM mall!

Quote:

New SM mall opens in Davao

DAVAO CITY -- SM Prime Holdings, Inc. is planning to set up five additional shopping malls in Mindanao in the next five years.

At Friday’s (Sept. 28) opening of SM Lanang Premier Hans T. Sy, company president, said the construction of two shopping malls will start next year in the cities of Cagayan de Oro and Butuan. “Mindanao is greatly overlooked,” Mr. Sy said, adding that SM Prime has started negotiations for the location of the three other planned malls that are eyed within the next four years.

SM Prime is operating two shopping malls in this city, one in Cagayan de Oro and one in Gen. Santos City.

With the opening of its newest shopping mall in Mindanao, the company is optimistic that the island will be able to contribute at least 8% of the group’s shopping mall revenue. The company has 46 malls nationwide. -- C. Q. Francisco

Quote:

SM plans five more malls in Mindanao

DAVAO CITY, Philippines—Giant mall operator SM Prime Holdings is so bullish about Mindanao consumers, whom it considers power buyers, that it plans to build five more malls on the island within the next four years.

Hans Sy, president of SM Prime Holdings, said that based on a survey conducted by SM Prime Holdings, “Mindanao has a very strong buying power, stronger compared to Metro Manila.”

Metro Manila’s only advantage over Mindanao, he said, was that there were more consumers there. “But per transactions average, Mindanao turned out to have a stronger buying power,” he said.

This strong buying power among Mindanao consumers has encouraged SM Prime Holdings to expand its business on the island.

“Next year we will be opening another SM mall in Cagayan de Oro City (CDO) and another in Butuan City,” he said.

Sy described the upcoming second CDO SM Mall as similar to the one the company has in Olongapo City while the Butuan SM Mall will be similar to the newly opened General Santos City mall.

Negotiations, he said, were ongoing for the building of three more SM malls in Mindanao.

“We have already identified the three sites and negotiations are ongoing,” he said without saying where these malls were to be put up.

When all these are completed, SM will have nine malls in Mindanao.

Sy said SM Prime Holdings was confident the existing four SM malls in Mindanao will contribute 6 to 8 percent of the total revenues of SM malls in the country.

“We are so impressed with the performance of our Mindanao malls. The island has a lot of potential,” he said.

Sy admitted that SM came to Mindanao “a little bit late because we were so focused on the Luzon area.”

Currently, there are 46 malls operated by the Sy family all over the Philippines.

Sy said SM was trying to help spur the country’s development by providing economic opportunities outside Metro Manila.

He said SM Lanang Premier, whose opening he graced on Friday, has 7,000 employees now, including salesgirls, managers, security guards and service crew, and 3,000 more will be hired as the mall and the Park Inn Hotel within it go into full operation.

LAS Piñas City—Several sectors, including the retail trade and the critical overseas remittances, are nearing their critical buoyancy over the perceived threatening strength of the peso, according to Hans Sy, president of the SM Prime Holdings Inc.

“It should not go below P40 [to the US dollar],” Sy said in a huddle with reporters covering the launching of the upgraded SM Southmall here, from its status as one of the SM supermalls to one of only five premier, or luxury malls of the SM chain of malls.

A strengthened peso may be good for import activities due to the affordability of import items, but he said that this item could be easily overwhelmed by an expected dampening of the export sector, for instance, where exporters may find it hard to sell their products because it would mean an expensive product for foreign importers.

But he said the overseas Filipino workers (OFW) would be one of the sectors to absorb a direct effect over the declining value of their earnings remitted to their families in the Philippines.

“Consumer spending is doing fine and is expected to continue its strong showing ahead. But a very strong peso would force Filipino families, especially those depending on remittances abroad, to cut back on their spending,” he said.

He said remittances of more 10 million Filipinos have been one of the major drivers of the economy. They already remitted $17.32 billion this year up to September, according to bank records gathered by the Bangko Sentral ng Pilipinas (BSP).

The BSP said the amount could reach not less than $24.24 billion, as the Asian Bankers Association disclosed that about 40 percent of actual remittances sneak through informal channels.

“It’s not only the retail sector that is expected to suffer,” he warned. “Everybody, including the BPO [business-process outsourcing] would be affected.”

The SM Prime Holdings Inc., the country’s biggest mall developer, was set to spend at least P30 billion next year, with up to P13 billion to be spent on China alone, SM Prime Chief Financial Officer Jeffrey Lim earlier told reporters.

The spending of the SM Prime Holdings would be the biggest and formed part of the overall spending of the mother unit, SM Investments Corp., set for next year at P65 billion to help the Sy group of companies seek sustained earnings and spur growth of its core businesses.

Sy reiterated SM’s earlier announcement that the company would put up its regional shopping mall in Butuan City, and a multi-level mall and business building in Cagayan de Oro in the next two years, and three other malls in the three years thereafter.

Annie Garcia, president of the Shopping Center Management Corp., said the SM would open this year its fifth mall in China in Chongquing, a major city in central China. SM has been buoyed up by strong revenue showing of its SM City and SM Lifestyle mall in Xiamen, and two SM City mall in the cities of Jinjiang and Chendu.

Butuan was consitently mentioned in all their press releases as the next immediate site...starting with the prior opening of their Gensan mall.....and then now with their SM Lanang opening.....Butuan is always mentioned by no less than the SM Primes big man Hans Sy

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" Butuan is a progressive city that is increasingly becoming the commercial and business hub of northeastern Mindanao. We are glad to be part of its development through this project ”

It's a self - fulfilling prophecy... sooner or later magkaka - SM talaga ang BXU.. But now, we already know WHEN that will happen:

NEXT YEAR!

Congratulations BXU!

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The fact that Mindanao has remained a "land of promise" because it is promised to the displaced people of Luzon and the Visayas. It is, otherwise speaking, governed like a "dumping colony" for the undesirables of the two other regions. At the same time Mindanao serves as a "milking cow" for corporate wealth." - Datu Michael Kudarat Mastura

The fact that Mindanao has remained a "land of promise" because it is promised to the displaced people of Luzon and the Visayas. It is, otherwise speaking, governed like a "dumping colony" for the undesirables of the two other regions. At the same time Mindanao serves as a "milking cow" for corporate wealth." - Datu Michael Kudarat Mastura

The three remaining malls to be built by SM after CdeO and Bxu then in Mindanao will be in Zamboanga, Tagum, and perhaps Pagadian or Iligan IMO.

I am looking at their trend of movement...

first they fortified the south by adding two malls (Gensan and Lanang Premiere) plus expanding the Ecoland mall = 3 for south min

then its the north's turn next year with SM Butuan and a second SM in Cdo = 3 for north

likely they will be on the west na with Zambo....and the east with Tagum

then to beef up its Zampen...will be another SM near zambo...could be Pagadian or Dipolog

but I am banking on Iligan...since its the remaining HUC mid size city in the list capable of attracting an SM development..... once that pryce property buy out with RLC is finished....it will surely catch attention from SM prime to take a look at Iligan

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" Butuan is a progressive city that is increasingly becoming the commercial and business hub of northeastern Mindanao. We are glad to be part of its development through this project ”